AAP

Australian shares have opened lower, following the trend of major international markets which have fallen on concern about the economic impact of US President Donald Trump's immigration stance.

The Australian dollar is unchanged against its US counterpart but is higher against the euro and the yen.

Oil prices have fallen as news of another weekly increase in US drilling activity has oil forecasters concerned that production cuts from other producing nations may not reduce the global supply glut as much as had been hoped.

Gold prices have risen as political uncertainty created by US President Donald Trump's move to ban people from seven Muslim-majority countries, and by elections in Europe, support prices.

The Australian share market has surrendered all its gains for the year so far as investors pondered uncertainties around the travel and immigration policies of US President Donald Trump and exercised caution ahead of company reporting season.

Education is at the centre of the state opposition's election promises for the second consecutive day, with Labor promising to spend $50 million upgrading a high school in the Liberal-held seat of Balcatta.

Gold miner Newcrest Mining's production guidance for the full year remains unchanged despite flat output in the December quarter.

Australian shares have fallen across the board amid global investor uncertainty about the US economy.

The Australian dollar is higher against the US dollar, despite the greenback lifting against a basket of currencies for a second day.

Oil prices have slipped, extending losses after data suggest drilling is ramping up in the United States, prompting investor concern about how effective OPEC and other producers will be at supporting prices by cutting supplies.

Gold is little changed, giving up earlier losses as US equity markets and bond yields turned lower, but the metal is on track for its first weekly loss of the year as traders cash in on the week's rally to two-month highs.

Big gains by the heavyweight banks and the major retailers have driven the Australian share market higher after strength on Wall Street lifted investor confidence.

Nev Power has remembered Peter Lynch as a great mate, a beloved father of three and a respected member of the mining and aviation communities after the recent Fortescue Metals Group recruit was killed when his sea plane crashed into the Swan River yesterday.

Demand for financial, retail and energy stocks is driving the Australian share market higher as investors play catch-up following the Australia Day public holiday.

The Australian dollar is lower against the US dollar which has rebounded from a seven-week low on traders' optimism spurred by US president Donald Trump's infrastructure spending plans.

Gold has fallen to a two-week low as the US dollar firms, US Treasury bond yields rise and equity markets rally, but expectations that the greenback's climb may be coming to an end has helped limit losses.

Oil prices have jumped two per cent, boosted by the ongoing rally in the US stock market, although gains in crude futures were capped by plentiful supplies and bulging inventories in spite of efforts by producers to cut output.

US stocks were little changed on Thursday as investors paused following a two-day rally that pushed the Dow Jones Industrial Average above the 20,000 mark, while the latest wave of earnings rolled in.

The Australian share market has closed higher led by strong gains from mining stocks, a bounce in the big four banks and better global risk appetite.

A Perth car dealership employee has been fined $9,500 over the death of a workmate who was hit by a vehicle and dragged underneath when the offender accidentally pressed the accelerator instead of the brake.

Higher fuel and domestic holiday travel costs have contributed to a 0.4 per cent rise in Perth prices in the December quarter, while national inflation remains below the Reserve Bank's target, according to the Australian Bureau of Statistics’ most recent data.

BHP Billiton's iron ore production jumped 9 per cent during the December quarter with nickel production up by 18 per cent, helping the resources giant maintain its guidance for the full year.

Investors are snapping up growth stocks, including resource and financial companies, pushing the Australian share market higher.

Gold has fallen nearly one per cent, sliding from a two-month peak as investors take stock of US President Donald Trump's first policy moves and the US dollar stabilises after plumbing seven-week lows.

The Australian dollar is slightly higher against its US counterpart, which recouped losses suffered following US president Donald Trump's protectionist comments.

Oil prices had edged higher ahead of weekly US inventory data on evidence the global market is tightening as lower production by OPEC and other exporters drains stocks.

The Australian share market has closed higher as positive news from steelmaker BlueScope Steel and medical device maker ResMed buoyed investors ahead of the main company earnings season in February.

A strong fourth-quarter performance has helped Oil Search narrowly beat its full-year production guidance, and the company forecasts steady output for 2017.

The Australian share market has opened slightly higher as strong commodity prices help offset negativity around US President Donald Trump's protectionist agenda.

Gold has risen to touch its highest in two months as unease over the economic policies of US president Donald Trump pushes investors towards safer assets while the US dollar and US bond yields fell.

The Australian dollar is virtually unchanged against its US counterpart which has fallen to a seven-week low against a basket of key world currencies amid investor concerns over protectionist rhetoric by US President Donald Trump.

Oil prices have fallen nearly one per cent as signs of a strong recovery in US drilling largely overshadow news that OPEC and non-OPEC producers were on track to meet output reduction goals.